Momentus (MNTS) stock surged on Wednesday after the in-space infrastructure services company announced a contract with NASA. The contract awarded to Momentus will have it conduct a study on flying critical foundational robotics technologies into space. The company has already completed the initial work under this study and seeks to conduct a follow-up study.
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Momentus noted that NASA intends to award a contract for a follow-up study in September. The company is one of the two that the U.S. space agency is considering for this additional contract. The company has used its flagship Vigoride orbital service vehicle in the first portion of the study and would continue to do so in the follow-up study.
John Rood, CEO of Momentus, said, “We’re honored to be entrusted by NASA to help mature these cutting-edge robotics systems. Space robotics is rapidly becoming a strategic capability that we expect to leverage in the future to support customers in the commercial and national security sectors.”
Momentus Stock Movement Today
Momentus stock was up 69.37% in pre-market trading on Wednesday. However, the company’s shares have fallen 86% year-to-date and 83.91% over the past 12 months. News of its contract with NASA brought heavy trading to MNTS stock, with some 60.5 million shares having changed hands, which is well above its three-month daily average of about 2.08 million units.
Is Momentus Stock a Buy, Sell, or Hold?
Turning to Wall Street, coverage of Momentus is lacking. Luckily, TipRanks’ AI analyst Spark has it covered. Spark rates MNTS stock an Underperform (40) with a $1 price target. It cites “significant financial challenges with declining revenues and high operating losses” as reasons for this stance.
